IBGA vs. PDBC
IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - IBGA is a Intermediate Core Bond fund tracking the ICE 2044 Maturity US Treasury Index, while PDBC is a Commodities fund actively managed by Invesco. IBGA is passively managed, while PDBC is actively managed. Over the past year, IBGA returned -0.27% vs 35.58% for PDBC. Their -0.24 correlation means they have often moved in opposite directions in the past. IBGA charges 0.07%/yr vs 0.58%/yr for PDBC.
Performance
IBGA vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, IBGA achieves a -1.68% return, which is significantly lower than PDBC's 28.15% return.
IBGA
- 1D
- 0.07%
- 1M
- -1.93%
- 6M
- -1.48%
- YTD
- -1.68%
- 1Y
- -0.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.94%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $409.82K | $308.92K | $376.59K | |
| $121.86M | $152.61M | $122.20M |
IBGA vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | -1.68% | 6.09% | -2.18% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | -2.46% |
Correlation
The correlation between IBGA and PDBC is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.24 |
The correlation between IBGA and PDBC shifts across timeframes, from -0.39 (1 year) to -0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGA vs. PDBC — Risk / Return Rank
IBGA
PDBC
IBGA vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBGA | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.31 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.16 | -2.20 |
| Martin ratioReturn relative to average drawdown | -0.09 | 7.07 | -7.16 |
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Drawdowns
IBGA vs. PDBC - Drawdown Comparison
The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for IBGA and PDBC.
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Drawdown Indicators
| IBGA | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -49.52% | +37.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -16.55% | +9.95% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.55% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -5.92% | -10.21% | +4.29% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -23.02% | +17.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 5.05% | -2.08% |
Volatility
IBGA vs. PDBC - Volatility Comparison
The current volatility for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) is 2.21%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that IBGA experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGA | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 7.58% | -5.37% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 16.65% | -10.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.82% | 19.73% | -11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.74% | 19.28% | -9.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 17.85% | -8.11% |
IBGA vs. PDBC - Expense Ratio Comparison
IBGA has a 0.07% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
IBGA vs. PDBC - Dividend Comparison
IBGA's dividend yield for the trailing twelve months is around 4.75%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.75% | 4.49% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
IBGA and PDBC have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to IBGA (2.21%). In terms of maximum drawdown, IBGA dropped -11.69% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 35.58% vs -0.27% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, IBGA has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 35.58% return vs -0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 0.58% for PDBC.
IBGA has the higher dividend yield at 4.75%, compared with 3.00% for PDBC.
IBGA is categorized as Intermediate Core Bond, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBGA and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 vs -0.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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